Michael Saylor’s Strategy has announced capital-raising programs totaling $44.1 billion to bankroll further Bitcoin purchases, via sales of common shares and two dividend-paying equity vehicles.
The company said in an 8-K filing that it may raise up to $21 billion by selling Strategy (MSTR) common stock and another $21 billion through its high-yield perpetual preferred, Stretch (STRC), using at-the-market (ATM) programs. Strategy also plans to offer up to $2.1 billion of Strike (STRK), another perpetual preferred stock. The filings said shares may be sold “from time to time” and did not give a specific timeline.
Strategy has been positioning these securities as ways for investors to gain Bitcoin exposure while the cryptocurrency remains more than 44% below its all-time high. The company currently shows an unrealized loss of about 6.3% on its Bitcoin holdings.
The revised ATM equity program lets Strategy sell shares incrementally into the open market instead of relying on larger, less frequent capital raises such as convertible debt. Its preferred-stock offerings (STRC and STRK) pay monthly dividends and permit Strategy to increase Bitcoin holdings without issuing additional MSTR common shares.
Strategy added nearly 90,000 Bitcoin to its treasury across the first three months of 2026. In its latest disclosed purchase it bought 1,031 BTC for $76.6 million, adding to sizable buys earlier in March — 17,994 BTC on March 9 and 22,337 BTC on March 16 — totaling roughly $2.9 billion for those transactions.
The company now holds 762,099 Bitcoin, valued at about $54 billion.
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